Paramount ‘is looking to sell Channel 10’ after paying $250million for it five years ago, sources say – but the TV network insists claims are ‘misleading’
American media giant Paramount Global could be looking to sell off Australian TV network Channel 10, if industry rumours are to be believed.
However, the station’s parent company Paramount ANZ has strongly denied the claims, calling them ‘inaccurate and misleading’.
The Australian was first to report on the possibility of a sale, citing sources as saying Paramount hoped to offload 10 in the next two years.
American media giant Paramount Global could be looking to sell off Australian TV network Channel 10, if industry rumours are to be believed. However, the station’s parent company Paramount ANZ has strongly denied the claims, calling them ‘inaccurate and misleading’Â
Paramount Global, previously known as ViacomCBS, had paid $250million for the network just five years ago.
A Paramount ANZ spokesperson told Mumbrella The Australian’s report was plain wrong, saying: ‘Paramount has no plans to sell Network 10.’
Channel 10 was bought out by ViacomCBS in 2017.
The Australian was first to report on the possibility of a sale, citing sources as saying Paramount hoped to offload 10 in the next two years. Paramount Global, previously known as ViacomCBS, had paid $250million for the network just five years ago
The conglomerate, whose diverse interests include motion pictures, book publishing and amusement parks, rebranded as Paramount Global in February this year.
Paramount Global is now said to be in talks to buy Southern Cross Media Group, the parent company of radio network Southern Cross Austereo.
The news comes as Channel 10’s ratings remain weak.
A Paramount ANZ spokesperson insisted The Australian’s report was plain wrong, saying: ‘Paramount has no plans to sell Network 10.’ (Pictured:Â Beverley McGarvey, the Executive Vice President of Paramount ANZ)
The network consistently places third in the overnight metro ratings against its commercial free-to-air rivals.
Its once-reliable brands like The Bachelor are failing to bring in viewersÂ
Channel 10 announced earlier this month it had axed The Bachelorette after last year’s season flopped with Brooke Blurton in the leading role.
Channel 10 announced earlier this month it had axed The Bachelorette after last year’s season flopped with Brooke Blurton (pictured) in the leading roleÂ
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